Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/68713
Authors: 
Betzer, André
Goergen, Marc
Year of Publication: 
2011
Series/Report no.: 
Schumpeter Discussion Papers 2011-010
Abstract: 
While empirical studies that use event-study methodology find on average that the gains from mergers and acquisitions are positive, those focusing on accounting figures tend to find a significant drop in performance. We argue that each of the four possible combinations between positive or negative abnormal stock returns and accounting performance is due to a distinct acquisition motive. We find strong empirical evidence in support of this claim.
Subjects: 
Mergers and acquisitions
performance measurement
synergies
preemption
overvaluation
corporate governance
agency problems
JEL: 
G34
G3
G14
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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